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May Exercising option of reduced rates by Construction Companies – Time Limit extended to 20.05.2019

• (Category: GST)

Notn . No. 03/2019 dt. 29-03-2019 provided for lower rates of GST at 1% or 5% without ITC. The lower rates were only an option for the existing projects and the real estate companies had to choose from either of the following options –
a.) Pay GST at Normal Old Rates of 8% or 12% with ITC
b.) Pay GST at Reduced New Rates of 1% or 5% without ITC

The Notification provided that the option exercised has to be communicated to the Jurisdictional GST Authority before 10.05.2019. However, as per the tweet from the GST Council, the time limit for providing the details as required in the format of Annexure – IV of the said Notification has been extended to 20.05.2019.